LEHIGH VALLEY, Pa.,
Dec. 13, 2011 /PRNewswire/
-- Air Products (NYSE: APD) today announced that INOX Air
Products Ltd., its joint venture in India, will invest over $50 million (Rs 250
crores) to construct two new air separation units (ASU) for
the growing merchant industrial gas markets in West and South
India. The company also announced INOX Air Products' signing
of a new long-term industrial gas supply contract with Posco
Maharashtra Steel Private Limited (PMSPL) for hydrogen and nitrogen
for PMSPL's Phase 2 facility expansion in Maharashtra. The INOX Air
Products facilities are all scheduled to come on stream between
late 2012 and early 2013.
"These two important projects are a substantial next step in our
efforts to extend our leadership position in the merchant
industrial gases market in India.
We continue to invest in these projects to ensure that we are in
the best position to supply our customers with reliable, high
quality and cost effective solutions for their industrial gas
needs," said Pavan K. Jain, managing director of INOX Air Products.
"Our repeat win at Posco is clear evidence that we are consistently
delivering value for our customers."
INOX Air Products will build one of the ASUs to produce liquid
oxygen and liquid nitrogen in the state of Andhra Pradesh to serve
a strong customer base in key manufacturing segments. This facility
is strategically located close to the principal markets it will
serve and will provide customers with enhanced security of
industrial gas supply. This facility complements the four existing
INOX Air Products industrial gas production facilities currently
serving customers in Andhra Pradesh and the surrounding
area.
INOX Air Products will build the second ASU for the merchant
industrial gas market in Maharashtra. For over three decades, INOX
Air Products has repeatedly shown its commitment to this region
with significant investments in production facilities at five
locations across Maharashtra. "INOX Air Products'
investments are widely acknowledged to have provided
unparalleled reliability of industrial gases supply to the diverse
customer base in the region. What makes the investments even more
enriching is the carry forward of the relationship, as most
industries in Maharashtra have expanded to other regions and INOX
Air Products has supplied them there as well," said Jain.
INOX Air Products will also supply two steam methane reformer
(SMR) plants to provide hydrogen, and will provide nitrogen from
the ASU at Maharashtra under a long term agreement for PMSPL's
Phase 2 expansion. The two hydrogen plants represent the third and
fourth such units to be supplied by INOX Air Products in
India and demonstrate an
unparalleled ability to cost effectively meet varied hydrogen
requirements with an on-site production philosophy. Air Products'
on-site hydrogen SMR product offers flows across a wide range of
volume requirements with highly efficient use of natural
gas.
"We have been very pleased with our engagement with INOX Air
Products for our Phase 1 project. The customer focus they
have shown has given us the full confidence that they will also
successfully support our needs in this further expansion," said Mr.
Jae Bong Kim, general manager of
PMSPL.
In adding these two new hydrogen SMR facilities, which are based
on product offerings from Air Products' PRISM® gas generation
portfolio, INOX Air Products' market presence in India continues to grow. In December 2010, the company announced four new
merchant gases facilities and a long term on-site supply agreement
for nitrogen and hydrogen with Saint Gobain Glass India in
Rajasthan. These projects included three ASUs and an SMR from Air
Products' PRISM® gas generation portfolio.
Air Products' PRISM® line of gas generation systems supply
nitrogen, oxygen and hydrogen to more than 1,500 customers in over
30 countries worldwide. Global markets currently served by
Air Products' entire PRISM® line of gas generation systems include
glass, steel, electronics and semiconductors, non-ferrous metals,
metals processing, chemicals, food processing and packaging, and
energy production and processing.
About Air Products
Air Products (NYSE:APD) serves customers in industrial, energy,
technology and healthcare markets worldwide with a unique portfolio
of atmospheric gases, process and specialty gases, performance
materials, and equipment and services. Founded in 1940, Air
Products has built leading positions in key growth markets such as
semiconductor materials, refinery hydrogen, home healthcare
services, natural gas liquefaction, and advanced coatings and
adhesives. The company is recognized for its innovative culture,
operational excellence and commitment to safety and the
environment. In fiscal 2011, Air Products had revenues of
$10.1 billion, operations in over 40
countries, and 18,900 employees around the globe. For more
information, visit www.airproducts.com.
About INOX Air Products Ltd.
INOX Air Products Limited is a joint venture company in
which the Jain family (former owners of the Industrial Oxygen
Company) and Air Products hold an equal stake.
Headquartered in Mumbai, INOX Air
Products is one of the largest manufacturers of industrial gases in
India with 36 plants spread
throughout the country with a workforce of approximately 1,200.
INOX Air Products Ltd. manufactures and supplies industrial gases
including oxygen, nitrogen, helium, argon, carbon dioxide,
hydrogen, and specialty gas mixtures throughout India. More information can be found at:
www.inoxairproducts.com.
***NOTE: This release may contain forward-looking statements
within the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's reasonable expectations and assumptions as of
the date of this release regarding important risk factors. Actual
performance and financial results may differ materially from
projections and estimates expressed in the forward-looking
statements because of many factors not anticipated by management,
including risk factors described in the Company's Form 10K for its
fiscal year ended September 30,
2011.
SOURCE Air Products